We're not being told that. We're only being told about a € lump sum to be "protected" - JD broached the issue of deposit insurance to "protect" the lum sum against one clear danger. Maybe we're not getting the full picture but then again, we're not financial advisors nor are we being asked for investment advice.

The financial advisor will do the following: they will ask about current income, age, assets and desired post-retirement income and will advise on a pension plan made of an initial lump sum plus periodic contributions out of income. If any money is left over they will advise on how to increase the capital. They will do a standard "so much percent into government securities, so much percent into corporate debt, so much percent into equities" and so forth with a "low/medium/high" risk-profile adjusted for age and proximity of retirement and will offer a collection of managed funds with various advertised risk/asset profiles.

In other words, a load of hogwash.

Since we haven't heard anything specific to protect against other than insolvency of the custodians of JD's assets, and suitable discussion of deposit insurance has been had...

The brainless should not be in banking -- Willem Buiter